Essen,
10
October
2018
|
08:43
Europe/Amsterdam

innogy welcomes final CMA clearance for new British retail energy company

  • No competition concerns on planned merger of npower andSSE’s British retail business

 

innogy SE welcomes today’s final clearance by the UK Competition & Markets Authority (CMA) for the creation of a new, independent British energy supply and services company, through the anticipated merger of innogy’s subsidiary npower with SSE’s household energy and energy services business.

Preparations for the new British retail energy company are progressing and the parties have achieved important milestones in recent months: the transaction has been approved by SSE stakeholders and the designated CEO (Katie Bickerstaffe), designated CFO (Gordon Boyd) and designated Chairman(Dr Martin Read) are all now in place. The designated Executive Committee has also now been appointed and preparations for the new company continue, subject to necessary legal restrictions.

 

Martin Herrmann, COO Retail of innogy SE
We will continue to work to complete everything required to create the new company. Today’s final CMA clearance is a further step in setting up this new company which will combine the best of what both retail businesses have to offer, and build a better company for customers.
Martin Herrmann, COO Retail of innogy SE
Legal disclaimer
This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialisation of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements.